Stellar (XLM) Is An “Underdog” Says Weiss Ratings; Huge Potential But Lackluster Crypto Adoption
Previously ranked at 7th place, Stellar has dropped out of top 10 cryptocurrencies list. The 11th largest cryptocurrency is currently trading at $0.0675, still down 93% from its all-time high (ATH).
Weiss Ratings has given Stellar a “C” rating and is its “favorite crypto underdog.” It believes the huge potential of Stellar network is “overshadowed by lackluster adoption.”
Stellar, created for cross border payments and tokenizing value, really lacks in adoption. It sucks at marketing its cryptocurrency as well, a fact acknowledged by the founder of Stellar Jed McCaleb, co-founder of Ripple, in an interview with Yahoo last year.
At that time, McCaleb said that the world don’t know the details about what Stellar actually is and they were “hoping” to change that in 2019. But so far, nothing of sorts has happened.
Although it did manage to acquire a heavyweight partner in the form of IBM, nothing since then has materialized for the digital currency.
Competition Is Stiff
Stellar's competitor Ripple, however, has been able to dominate the market with its XRP Army and constantly partnering with banks and financial institutions.
Moreover, Facebook coming up with its own cryptocurrency project “Libra,” its attempt to create a global digital currency to promote financial inclusion for the unbanked, has also presented stiff competition for the Stellar network that has not been seen enough in the market.
As Weiss Ratings put it,
“XLM fails to win users’ hearts to this day, plunging far below the household names such as BTC, ETH and XRP.”
For now, no major developments are going on with the Stellar network and price-wise, just like the majority of other altcoins, it’s nearly dead.